**Rising Demand for Global Talent**
The demand for international employees among businesses is steadily increasing. According to a survey conducted by Gusto, 75% of small-to-medium-sized businesses expressed their intention to increase their international headcount. Additionally, 54% of these businesses plan to do so within the next 1-3 years. The rising domestic labor costs and the need for specific talent are the driving forces behind this trend.
**Thera: Simplifying International Payroll and Payments**
For businesses looking to tap into the global talent pool, one major challenge is ensuring timely and efficient payment to their international employees and contractors. Thera, a payroll and payments startup founded in 2022, aims to address this issue. The company offers a comprehensive solution to navigate the complexities of different countries’ labor rules and regulations, enabling businesses to pay their employees, regardless of their location.
**Thera’s Founder and Vision**
Akhil Reddy, the founder and CEO of Thera, has a wealth of experience in designing digital payment systems. Previously, he was involved in building systems for Amazon Prime, where he learned the importance of selection and transferring affordable credits. Inspired by this experience, Reddy set out to apply the same principles to the software-as-a-service (SaaS) industry. Thera’s system replaces multiple financial tools and provides a range of native apps for payroll, treasury, and accounts payable/receivable (AP/AR) services.
**What Thera Offers**
Thera offers a comprehensive suite of services to address the needs of businesses operating internationally. This includes U.S. payroll services for all 50 states, contractor management for over 150 countries, multiple currencies, and employer-of-record services in over 150 countries. The platform also facilitates global invoicing and payments through Thera AP/AR and provides a centralized solution for managing payables with Thera Bill Pay. By integrating with major payment providers and global systems, Thera is able to offer competitive rates and ensure timely payments.
**Cost and Time Savings with Thera**
Thera prides itself on being significantly more affordable than its competitors. The company claims to be 80% more affordable than Deel AP/AR for global payroll and 90% more affordable than Stripe Invoicing. Moreover, Thera offers improved speed, with 95% of payrolls arriving on the same day, compared to the 2-10 day turnaround times of other payroll companies. By saving on costs and time, Thera is able to pass on these savings to contractors, allowing them to earn up to 3% more than with other providers.
**Dedicated Support and Success**
Thera understands the importance of providing exceptional customer support. With Thera, businesses gain access to direct support and success representatives available 24/7/365 through Slack. Each business receives a customer success manager and a global HR specialist in a shared Slack channel, ensuring prompt assistance and answers to any questions that may arise.
**Success and Growth**
Thera has already seen significant success, processing over $10 million in payroll annually for thousands of workers worldwide. The company has partnered with some of the fastest-growing companies in the U.S., including Oceans, Landed, 1840 & Company, and Zendrop. Thera’s consolidation of services provides businesses with a seamless experience and competitive rates.
**Future Plans and Funding**
Thera recently secured $4 million in seed funding from prominent investors, including Y Combinator, 10x Founders, Amino Capital, Zillionize, Bayhouse Capital, and several angel investors. This funding will be instrumental in accelerating Thera’s growth. The company plans to further develop its platform, expand its team in New York City, and introduce mobile offerings in the near future. Thera remains committed to its mission of streamlining financial operations for businesses worldwide and solidifying its position as a leading player in the B2B payments space.